World oil prices today
World gasoline and oil prices reversed and increased sharply after the previous price decrease session. At the end of the weekend trading session, WTI oil price was at 86.80 USD/barrel, up 3.21 USD/barrel, equivalent to an increase of 3.84%. WTI oil price closed the previous trading session at 83.59 USD/barrel, and opened today's session at 83.96 USD/barrel.
Brent oil was at 87.93 USD/barrel, up 1.053 USD/barrel, equivalent to an increase of 1.21%. Brent oil closed the previous trading session at 86.88 USD/barrel, and opened today's session at 87.25 USD/barrel.
World oil prices rose sharply after Iran announced it had attacked two oil tankers trying to pass through the Strait of Hormuz, causing these ships to be unable to continue their journey. According to Iran, four other ships were also intercepted and forced to change direction. However, Tehran did not announce the nationality or status of the crew on the two attacked ships, while independent sources in the region have not confirmed this information. The new developments increase concerns about the risk of disruption to global energy supplies.
Since the conflict broke out at the end of February, Iran has strengthened control over maritime activities in the Strait of Hormuz. Meanwhile, Houthi forces in Yemen continue to threaten to block the maritime route through the Bab el-Mandeb Strait, raising concerns that shipping lines will continue to restrict traffic through the Suez Canal.
On July 30, Saudi Arabia announced the establishment of a maritime defense alliance to ensure security in the Bab el-Mandeb Strait area.
The Red Sea is a strategic transport route for Saudi Arabia's crude oil exports, especially in the context of energy flow from the Gulf being seriously affected by US-Iran tensions in the Strait of Hormuz.
The Saudi Arabian Ministry of Defense said the coalition currently has the support of 14 countries, including Bahrain, Bangladesh, Djibouti, Egypt, Jordan, Kuwait, Nigeria, Pakistan, Qatar, Saudi Arabia, Somalia, Sudan, Türkiye and Yemen.
According to the joint statement, Saudi Arabia invited 51 countries and organizations to attend a meeting on this initiative in Riyadh on July 30. Representatives of 43 countries and a delegation from the European Union (EU) attended. Among them, 14 countries have confirmed their participation in the union, while other countries are continuing to consider.
The move was made after the Houthi forces announced the imposition of maritime sanctions against Saudi Arabia - the world's leading oil exporter. This armed group also claimed responsibility for the attacks targeting Saudi Arabian oil tankers in the Red Sea as well as the country's oil infrastructure.
Saudi Arabia and the Houthi forces resumed fighting in early July, marking the first confrontation in many years and increasing the risk to the ceasefire agreement reached since 2022, which has been maintained in practice even though it has expired.
Domestic gasoline prices today
On August 1st, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The above domestic retail gasoline and oil prices are adjusted by Petrolimex according to the inter-ministry of Industry and Trade - Finance's management period from 3:00 PM on July 30th.
Domestic gasoline and oil price forecast for the next period
According to a representative of a gasoline and oil business, it is predicted that in the next price adjustment period, retail gasoline and oil prices may increase slightly.
In which:
- E10 gasoline increases by about 0-50 VND/liter
- E5 RON 92 - II gasoline increased by about 100 VND/liter;
- Diesel oil increased by about 300 VND/liter.
Today's gasoline and oil prices are for reference only and may change according to market developments.
Refer to more articles about gasoline and oil prices HERE.
